Slide 1: Mips' presentation of the Q1 2024 Interim Report
25 April 2024 Mips’ presentation of the Q1 2024 Interim Report 2024 I Q1 Interim report 1
Slide 2: Key highlights
Key highlights • Stable start of the year, but a decrease in sales of 6% fully explained by strong prior year comparator in snow. No change to assumption, our outlook for snow remains unchanged. • We saw a good start of the year in the other categories, with continued good performance in bike. Posit
Slide 3: Sport – growth in bike, tough comparators in snow
Sport Sport – growth in bike, tough comparators in snow • Soft sales performance in Sport with -9% fully driven by snow. Bike and equestrian continued to develop well in the quarter. • We continue to see positive order momentum in bike and our previous assumption of recovery in bike remains. • We co
Slide 4: Moto back at growth again
Moto Moto back at growth again • Great to see growth again in Moto after soft quarters, we do see that implemented initiatives start to work. • Retail environment is improving especially for the important US market but still softer than normal. • We have implemented several initiatives to improve se
Slide 5: Continued good development in Safety supported by important launches
Safety Continued good development in Safety supported by important launches • Good momentum in Safety. We will continue to see a gradual improvement of volumes in the category with several new helmet models being launched during H1. • We continue to see good interest in both the US and the European
Slide 6: Development of net sales in our categories
CATEGORIES Development of net sales in our categories SPORT MOTO SAFETY Sport Q1 Motorcycle Q1 Safety Q1 Revenue SEKm 71 (78) Revenue SEKm 8 (7) Revenue SEKm 4 (3) Growth % -9 Growth % 3 Growth % 30 2024 I Q1 interim report 6
Slide 7: Development in the first quarter
FINANCIAL PERFORMANCE Development in the first quarter • Soft development in the first quarter with a decrease in net SEKm Q1 24 Q1 23 sales by 6%, adjusting for FX, net sales decreased 6% organically. Net sales 83 88 -6% • Gross profit decreased with 8%. Gross margin of 69.4% (70.8), decrease mainl
Slide 8: Balance sheet and cash flow
Balance sheet Cash flow from operating activities (SEKm) and cash flow • Cash and Cash Equivalents at SEK 400m (487). Mips does not hold any loans. • Operating cash flow in the quarter amounted to SEK -10m (-42). Mips group (SEKm) Q1 24 Q1 23 FY 23 • Dividend of SEK 6.00 (5.50) per share Total asset
Slide 9: Summary
Summary • Stable start of the year and we are pleased to see that performance is picking up in all our categories. • Our assumption remains. We do expect recovery throughout 2024. Our view is that our sales will reflect market sell out, rather than our customers de-stocking their own inventory. • St
Slide 10: Q&A
Q&A 2024 I Q1 interim report 10
Slide 11: Mips Safety for helmets
Mins Safety for helmets
Slide 12: Disclaimer
Disclaimer IMPORTANT MESSAGE FROM MIPS AB This presentation has been prepared by Mips AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentati